News
Rajan warns banks there will be no more ‘extend and pretend’ on NPLs
Banks need to face the fact that large chunks of their assets are non-performing, and the RBI will no longer prop them up via a policy of forbearance, governor says
Carney asked to review MPC code
Andrew Tyrie asks BoE governor to review MPC code of conduct and ensure it prevents committee members from having, or appearing to have, a conflict of interest
East African countries top Brookings table on inclusion
Study by think tank in Washington, DC, evaluates inclusion efforts in 21 diverse countries; Kenya, Rwanda and Uganda achieve high scores across categories
Iranian central bank should not recover assets, US government argues
The department of justice has argued in a submission to the Supreme Court that Iran’s central bank should not recover $1.75 billion in assets awarded to the families of terrorism victims
Russian governor seen dissuading private sector from large dollar holdings
Russian central bank governor Elvira Nabiullina reportedly joined prime minister Dmitry Medevev in telephoning banks and major export companies about their holdings of dollars
RBNZ deputy defends change in mortgage ‘speed limit'
Concession allowing 5% of new mortgages to exceed LTV ratios will not add fuel to market rally that has seen Auckland house prices rise by 24% in past year, deputy governor says
US custodians face G-Sib capital hit
Banks warn client funds could be rejected or fees raised to meet new capital demands
Venezuelan inflation still running at over 700%, expert says
Venezuela’s central bank appears to be unable to make any impact on soaring inflation levels and has not reported an inflation number this year, says Steve Hanke
Zeti stresses need for good data in promoting financial inclusion
Bank Negara Malaysia governor says better data helps put pressure on countries to improve financial inclusion; offers guidance on how to improve performance
Falling real rates put US ‘at risk of financial instability’, says Kocherlakota
Minneapolis Fed president warns that long-run real interest rates are falling and risk causing financial instability and ineffectual monetary policy
RBNZ tweaks macro-prudential plans after banks push back
Banks will be subject to more lenient ‘speed limits’ and will have more time to adapt to new macro-prudential rules, after the industry complains
Central bank restricts lending at half of Ireland’s credit unions
Ireland’s central bank has restricted lending at the country’s credit unions and appointed external auditors to discover the true state of lending in the industry
RBI licenses prospective mobile phone bankers
India’s central bank grants provisional licences to 11 companies to run mobile phone-based banking for poorer Indians
Tenge plunges as Kazakhstan moves to free float
Pressure on currency forces central bank to abandon peg, although the government casts it as the next step in the shift towards inflation targeting
CPMI-Iosco unveil plans for unique transaction identifiers
Consultation lays out proposals for codes to identify over the counter derivatives transactions, as part of efforts to improve reporting to trade repositories
IMF extends current SDR basket by nine months
Fund stresses the extension does not ‘prejudge’ its decision on including the renminbi in the basket; final decision still expected this year
BoJ’s Nakaso: ‘No serious problems’ with JGB liquidity
New data shows a drop in market depth, but QE is not threatened, says deputy governor
Nigeria’s efforts to support currency could unravel
Nigeria’s central bank governor is imposing strict capital controls to cope with the country’s slumping oil revenues but analysts predict naira devaluation is only a matter of time
EC urged to exempt insurers from central clearing
The need for cash collateral could encourage pro-cyclical investing, industry representatives say
Iceland hikes again amid inflation shock
Large wage increases force central bank to reassess its inflation forecast and hike rates for a second meeting in a row, with more likely to follow
Norway’s oil fund suffers loss in second quarter
Losses of about $9 billion were largely driven by the fixed-income portfolio, although equities delivered a weak performance; NBIM takes a more activist stance
Zeti defends China's ‘managed convertibility' of RMB
Bank Negara Malaysia's governor says the international monetary system relies on ‘too few' reserve currencies; calls China's stock market fluctuations and cooling economy ‘short-term challenges'
Banks attack proposed risk weights for specialised loans in Europe
EU lenders say both of the EBA’s suggested methods for risk-weighting real estate and other specialised loans would distort regulatory capital
Dallas Fed picks former Goldman banker to replace Fisher
Robert Kaplan to take over as president of the Federal Reserve Bank of Dallas, bringing experience in academia and as a senior executive at Goldman Sachs